In a breakthrough development for Greek law practice, article 187 of new law 4820/2021 replaced Article 54(5) of the Lawyers’ Code (Law 4194/2013, Government Gazette, Series A, Issue 208), essentially converting all existing Greek law firms into Limited Liability Partnerships....
Continue readingOn 19/6/2021 the new labor law voted in Parliament (law 4808/2021) which contains important regulations regarding labor rights with provisions concerning both Individual and Collective Labor Law. Initially, it ratified the 190/2019 contract of the International Labor Organization and incorporated it in the Greek legal order with articles 1 to 23 of the law. It is about adopting measures against violence and harassment in the workplace by expanding the scope of prohibited behaviors by introducing psychological violence (mobbing) by expanding the circle of protected persons as well. Many of the regulation is an adaptation of Greek law incorporating Directive (EU) especially the...
Continue reading
According to the provisions of article 4 par. 3 of the Greek Income Tax Code-L. 4172/2103 (hereinafter referred to as “ITC”), “a legal person or a legal entity is a tax resident of Greece for any tax year, provided that: a) it was established or founded in accordance with Greek law, b) has its registered seat in Greece, or c) the place of exercise of the effective management is in Greece at any time during the tax year.”....
Continue readingIn the context of recent initiatives to render Greece a more investment-friendly jurisdiction for businesses, and particularly for the startup and high-tech digital economy ecosystem, new article 70A of the Greek Income Tax Code (L. 4172/2013), which was enacted by virtue of article 49 of L. 4712/2020 (GG A’ 146), introduces the concept of “angel investors” in Greece and grants them with tax incentives in the form of an income tax deduction equal to an amount of 50% of the capital contributed to startups that are registered with the “Elevate Greece” Startup Platform of the General Secretariat for Research and...
Continue readingAccording to Greek tax law, an individual is considered as a Greek tax resident, as long as he/she has their permanent or main residence or usual residence or the center of their vital interests, namely their personal and financial ties, in Greece. Also considered as a tax resident of Greece is an individual who resides in Greece for a period exceeding 183 days, in total, during a tax year. However, the aforementioned presumption does not apply in case of an individual who stays in Greece exclusively for touristic, medical, therapeutic or similar purposes and their stay does not exceed a 365-day...
Continue readingPractical guide on minority rights of shareholders in S.A. companies (Articles are to Law 4548/2018) (i) What rights does ownership of a 1 share give the holder under Greek laws 1) The right to vote in the General Assembly (art. 36). 2) The right to participate to the General Assembly by proxy (art. 128 par. 1). 3) In case of share capital raise, the pre-emptive right to subscribe for the new shares pro rata to his/her shareholding (art. 26). 4) The right to receive information from BoD for the company affairs in case this information is useful for the real assessment of the GA agenda...
Continue reading1) Labor law procedures to be followed by the Employer Declaration to the competent office of the Labor Inspectorate (Ministry of Labor) for the secondment of the employees. Please note that: - the competent office is the office which serves the working area - the declaration must be submitted before the employees start work Αll required documents can be forwarded via e-mail to the competent office and a protocol number will be received for the submission. Νο appointment or visit in person is required. The documents required are the following a) A solemn declaration with the following information: - Name of the employer, registered seat, legal form - Personal...
Continue readingGross negligence in Greek law is not explicitly defined in the Civil Code. It is derived from the combined application of articles 330, 332 and 334 of the Civil code. In the lack of an express definition and specific criteria for it, gross negligence is deemed to exist when the deviation from the behavior of an ordinary person is important, unusual and especially great, indicating a total disregard of the acting person for the illegal consequences incurred by his act to a third party by. Gross negligence is an abstract legal notion, and hence a court’s ruling as to whether...
Continue readingSimple negligence, in contract or tort, defines the liability of a person whose actions or omissions gave rise to damage, when he did not show the necessary degree of care required in transactions, as a reasonable man would show in the course of his professional activity. Gross negligence is when the deviation from the expected behavior of the average reasonable man is important, unusual and especially grave, and indicates a complete lack of interest of the person at fault for the unlawful consequences that his actions or omissions will incur to third parties. The definition of gross negligence is legally vague, it...
Continue reading
C.1. Third country nationals who have made an investment in one of the following categories are permitted to enter and reside in Greece. A capital contribution amounting to a minimum of four hundred thousand euros (400,000) to a company with registered office or an establishment in Greece, with the exception of portfolio investment companies and – without prejudice to subparagraph b – real estate investment companies, for the acquisition of shares in a share capital increase or bonds that are, at the time of issue, admitted for trading on regulated markets or multilateral trading mechanisms that operate in Greece. The...
Continue reading